This document provides a summary of recent private equity deals and rumors in Australia: - PAG Asia Capital is reportedly eyeing Crust Gourmet Pizzas, valued at $100 million. Quadrant Private Equity may seek sale of Fitness and Lifestyle Group valued at $2 billion. Blackstone is speculated to be considering local fitness chain F45. - Other deals and rumors mentioned include Connective exploring strategic options with $11 million EBITDA, and Odyssey Private Equity negotiating a minority stake in Delta Agribusiness valued at $60 million. - The document also lists recent private equity activities in sectors such as healthcare, infrastructure, and consumer goods.

1. 2.8%
4.0%
4.6%
4.1%
3.6%
2.5%
2.4%
1.2%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
4,000
4,500
5,000
5,500
6,000
6,500
'15 '16 '17 '18
Private Equity News Australia
▪ Crust Gourmet Pizzas. PAG Asia Capital is said to be eyeing Crust
Gourmet Pizzas, Australia’s third largest pizza chain. Crust Gourmet
Pizzas is owned by ASX-listed Retail Food Group, and is expected to be
worth $100 million.
▪ Fitness and Lifestyle Group. Quadrant Private Equity is said to be
preparing to test buyer appetite for its Fitness and Lifestyle Group that
is said to be valued at $2 billion. The company reported $526.3
million in revenue and $95 million in EBITDA for FY18 (in filings with
the corporate regulator).
▪ Connective. Melbourne-based Connective, which generates circa $11
million in EBITDA, is exploring strategic options, including a potential
sale to private equity. The company claims that every 1 out of 9
Australian home loans is written by a Connective broker.
▪ F45. Blackstone Private Equity is speculated to be taking a close look
at local fitness chain F45.
▪ NZ Bus. Next Capital is understood to be acquiring NZ Bus for $229
million from Infratil.
▪ Aurizon Holdings rail division. Mid-tier private equity firms, including
Pacific Equity Partners, are said to be eyeing Aurizon's rail
maintenance business.
▪ Amaysim. It is understood that Adamantem is keeping a close look at
Amaysim and it is speculated that Adamantem has circled the $200
million-odd company in early 2018.
▪ Greencross. TPG Capital is set to acquire Greencross despite its $675
million offer falling short of the expectations of Greencross' largest
shareholder, Global Alpha Capital Management. The Board of
Greencross has recommended that shareholders accept the offer in
the absence of a superior proposal.
▪ Delta Agribusiness. Odyssey Private Equity is in late-stage negotiations
to take a minority stake in Delta Agribusiness, a privately owned
agricultural inputs retailer, in a deal that would value the business at
circa $60 million.
Key Highlights
▪ PAG Asia Capital eyeing Crust Gourmet Pizzas (circa $100m valuation)
▪ Quadrant Private Equity to test buyer appetite for Fitness and Lifestyle
Group ($2b valuation)
▪ Mortgage aggregator Connective to explore strategic options ($11m EBITDA)
▪ Blackstone eyeing local fitness chain F45
Page 1
Authors
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ASX200 INDEX
EQUITY INDICES (WEEKLY % CHANGE)
LCC Asia Pacific
Insights
Australia Private Equity News Weekly Report Date
14 January 2019
Simon Koay, CFA
Associate Director
E: sxk@lccapac.com
Nicholas Assef
Founder & Principal
E: naa@lccapac.com
LCC Asia Pacific
Level 39, Aurora Place
88 Phillip St, Sydney NSW 2000
T: +612 9262 2121
E: insights@lccapac.com
PRIVATEEQUITYNEWSAUSTRALIA

2. 1.1%
0.7%
1.0%
0.3%
(0.4%)
(1.0%)
0.0%
1.0%
2.0%
▪ Arnott's. Pacific Equity Partners and The Carlyle Group is said to be making a
joint indicative bid for Arnott's biscuits.
▪ Metrix. Pacific Equity Partners' smart metering business, intelliHUB, is said to
have struck a NZ$270 million deal to buy Mercury NZ Ltd's smart metering
unit Metrix.
▪ MYOB. It is understood that MYOB has accepted KKR's lower $3.40 bid,
which is lower than KKR's initial $3.77 bid.
▪ Affinity Education Group. Anchorage Capital Partners-owned Affinity
Education Group is said to have secured the support of its lenders for a $240
million debt refinancing package.
▪ SAI Global. It is speculated that the drop in SAI Global's profitability may
require the company to raise fresh capital in the next 12 to 18 months.
Page 2
Private Equity News Australia
LCC Asia Pacific Insights
DAILY PERFORMANCE OF ASX200
The ASX200 closed 2.8% higher
for the week to end at 5774
points.
The rally in global equity indices
were partly attributed to US
Federal Reserve chairman Jerome
Powell’s remarks that the Fed can
be patient with future interest rate
increases, and optimism following
the resumption of trade talks
between the US and China.

3. Page 3
Rolling Table of Recent Activities & Rumours
DATE INVESTOR(S) TARGET SECTOR TRANSACTION TYPE
Jan-19 PAG Asia Capital Crust Gourmet Pizzas QSR Pursuing
Jan-19 Quadrant Private Equity Fitness and Lifestyle Group Gym Seeking sale
Jan-19 Blackstone Private Equity F45 Gym Pursuing
Dec-18 KKR MYOB Accounting software Pursuing
Dec-18 Next Capital NZ Bus Bus operator Acquisition
Dec-18 Pacific Equity Partners Aurizon Holdings rail division Rail maintenance Pursuing
Dec-18 Adamantem Amaysim (ASX-listed) Telecommunications Pursuing
Dec-18 TPG Capital Greencross Pet care Pursuing
Dec-18 Odyssey Private Equity Delta Agribusiness Retailer Pursuing
Dec-18 Pacific Equity Partners / Carlyle Arnott's Biscuit maker Pursuing
Dec-18 Pacific Equity Partners Metrix Smart meters Bolt-on
Dec-18 Connective Mortgage aggregator Seeking sale
Dec-18 Anchorage Capital Partners Affinity Education Group Childcare Refinance
Dec-18 Baring Private Equity SAI Global Information Services Potential equity injection
Dec-18 CHAMP Private Equity Axieo Group Specialty Chemicals Seeking sale
Dec-18 NetComm Wireless (ASX-listed) Broadband products Seeking sale
Dec-18 Apax Partners (UK-based) Trade Me (ASX-listed) Online marketplace Takeover offer
Dec-18 Mayo Hardware Hardware supplier Seeking sale
Dec-18 Blue Sky Atira Student accomodation Seeking sale
Dec-18 Adexum Capital Enviropacific Services Environmental services Sale process
Dec-18 ABC Tissue Products Tissue maker Potential sale
Dec-18 Anacacia Capital All Round Supplies Electrical distribution Bolt-on
Dec-18 Alium Capital Respondent (US) Market research Fundraising
Dec-18 Unifi Wireless Broadband startup Seeking IPO
Dec-18 Brookfield Blackstone's data centres Data centres Pursuing
Dec-18 Nexon Asia Pacific IT services Seeking growth capital
Dec-18 Perth Radiological Clinic Radiology For sale
Dec-18 CF Asia Pacific Transport Seeking sale
Jan-19 PAG Asia Capital Crust Gourmet Pizzas QSR Pursuing
Jan-19 Quadrant Private Equity Fitness and Lifestyle Group Gym Seeking sale
Jan-19 Blackstone Private Equity F45 Gym Pursuing
Dec-18 KKR MYOB Accounting software Pursuing
Dec-18 Next Capital NZ Bus Bus operator Acquisition
Dec-18 Pacific Equity Partners Aurizon Holdings rail division Rail maintenance Pursuing
Dec-18 Adamantem Amaysim (ASX-listed) Telecommunications Pursuing
Dec-18 TPG Capital Greencross Pet care Pursuing
Dec-18 Odyssey Private Equity Delta Agribusiness Retailer Pursuing
Dec-18 Pacific Equity Partners / Carlyle Arnott's Biscuit maker Pursuing
Dec-18 Pacific Equity Partners Metrix Smart meters Bolt-on
Dec-18 Connective Mortgage aggregator Seeking sale
Dec-18 Anchorage Capital Partners Affinity Education Group Childcare Refinance
Dec-18 Baring Private Equity SAI Global Information Services Potential equity injection
Dec-18 CHAMP Private Equity Axieo Group Specialty Chemicals Seeking sale
Dec-18 NetComm Wireless (ASX-listed) Broadband products Seeking sale
Dec-18 Apax Partners (UK-based) Trade Me (ASX-listed) Online marketplace Takeover offer
Dec-18 Mayo Hardware Hardware supplier Seeking sale
LCC Asia Pacific Insights
Private Equity News Australia
These items have been sourced from various media outlet reports, company reports and other sources such as trade publications. LCC Asia Pacific
does not in any way represent they are accurate. Source of data is available on request.

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